On March 11, President Biden signed the $1.9 trillion American Rescue Plan Act into law. This comes on the heels of $2.6 trillion in COVID-related spending in 2020. According to the Government Accountability Office, the U.S. national debt hit $26.9 trillion as of September 30, 2020 with the $4.2 trillion increase over 2019 being the highest on record. 1 With this as background, it probably surprised very few people when Bloomberg News recently announced: “Biden Eyes First Major Tax Hike Since 1993 in Next Economic Plan.” 2 Yes, the prospect of higher taxes in our not too distant future is real. The question is what higher tax rates will look like and who will be impacted? While there is a long way to go between now and the passage of major tax legislation, initial indications seem to be positive for most retirees.